Honasa Consumer Ltd Approves ₹195 Crore Acquisition of BTM Ventures
Filing Summary
Honasa Consumer Ltd has approved the acquisition of a 95% equity stake in BTM Ventures Private Limited, valued at ₹195 Crores. BTM Ventures operates the “Reginald Men” brand, specializing in men’s personal care products. The acquisition will be executed via a secondary purchase on a ‘no-cash no-debt’ basis, with the remaining 5% stake to be acquired after 12 months. The transaction aligns with Honasa’s strategy to expand in the men’s personal care market. The acquisition is expected to close within four weeks from the signing date of December 11, 2025.
Honasa Consumer Ltd has announced the approval of its acquisition of a 95% equity stake in BTM Ventures Private Limited, which owns the “Reginald Men” brand. This acquisition, valued at ₹195 Crores, will be conducted through a secondary purchase on a ‘no-cash no-debt’ basis. The transaction was approved by the Board of Directors on December 11, 2025, and is subject to closing adjustments. The remaining 5% equity stake will be acquired after 12 months, based on pre-agreed valuation criteria outlined in the Share Purchase and Shareholders’ Agreement.
The acquisition involves a cash consideration for the 95% stake, with the transaction structured to reflect an enterprise value of ₹195 Crores. The financial terms specify that the acquisition will be executed without any cash or debt adjustments. The agreement includes provisions for acquiring the remaining 5% stake after a year, contingent upon specific valuation criteria. BTM Ventures reported a revenue of ₹74 Crores for the trailing twelve months ending October 2025, indicating a significant growth trajectory since its incorporation in 2022.
Operationally, BTM Ventures focuses on men’s personal care products under the “Reginald Men” brand. The company, headquartered in Hyderabad, India, has shown substantial growth in the men’s personal care sector. The acquisition will enable Honasa to expand its product offerings in this category, leveraging BTM Ventures’ established market presence and product portfolio. The acquisition aligns with Honasa’s strategic focus on expanding its footprint in the fast-growing men’s personal care market.
The acquisition is expected to be completed within four weeks from the signing of the definitive agreements on December 11, 2025. The timeline includes the initial acquisition of the 95% stake, with the subsequent acquisition of the remaining 5% stake scheduled for completion 12 months later. This phased approach allows for a structured integration of BTM Ventures into Honasa’s operations.
Honasa Consumer Ltd and BTM Ventures are the primary entities involved in this transaction. Honasa will assume control of BTM Ventures, integrating its operations and product lines into its existing business structure. The acquisition does not involve any related party transactions, and there is no interest from the promoter or promoter group in the entity being acquired.
The acquisition of BTM Ventures positions Honasa to capitalize on the growing demand in the men’s personal care market, which is experiencing rapid growth and premiumization. The market is projected to nearly double by 2032, providing significant opportunities for expansion. This acquisition enhances Honasa’s market position in key categories such as sunscreens and other personal care products tailored for men.
Honasa Consumer Ltd is a prominent player in the consumer goods sector, focusing on personal care products. The company is committed to expanding its product portfolio and market presence, particularly in high-growth categories. This strategic acquisition of BTM Ventures aligns with Honasa’s objectives to strengthen its position in the men’s personal care market and leverage emerging market trends.